Using a large survey sample of manufacturing firms between 2003 and 2006, the majority of them not listed on either stock exchange, we studied financing behavior in China and tested a series of hypotheses about the determinants of firm leverage as derived from the pecking-order theory. Overall...

During the 1980s and 1990s, interprovincial migration in China surged concurrently with three major developments in the economy: deregulation of migration, rapid growth, and substantial increases in foreign and domestic investments. To what extent did these developments influence the changes in...